Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
How to Obtain a Non ChexSystems Bank Account Without Being Scammed > NetSparsh - Viral Content you Love & Share

How to Obtain a Non ChexSystems Bank Account Without Being Scammed

Predatory lending exists in the mortgage industry. It's typically when a mortgage broker add's on unnecessary fee's to a bad credit application, because he or she knows that the applicant is in a desperate situation.

Predatory banking can also exist for those who have ended up in the ChexSystems.

ChexSystems is a network of financial institutions (mainly banks) that regularly contribute information about account holders that mishandle their checking or savings accounts. Nearly all banks within the US are a part of this consortium.

Bounce a check, and not pay it off in a timely manner, and you could end up in the ChexSystems. Even if you receive a bogus check, and the bank suspects foul play, you could land in the ChexSystems hot seat.

And the sentence for this financial felony isn't light.

If the bank that put you in the ChexSystems refuses to release your name from the ChexSystems database, you'll find it close to impossible to obtain a bank account of any sort for 5 years.

Even if you pay off the offending debt, the bank could still hold you a ChexSystems prisoner. Wicked, but 100% true.

So naturally when you have a situation where people are stuck between a rock and a hard place, the vultures come out to feed. This is what you may encounter if you're looking for a non ChexSystems bank account.

Before you pay money to any service that claims to give you a non ChexSystems bank account be sure it passes the following tests with flying colors.

  • Make sure the bank is FDIC insured.

    According to the FDIC web site:

    "The FDIC ? short for the Federal Deposit Insurance Corporation ? is an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC - insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government."

    In a nutshell, if you decide to open a bank account with an institution that isn't FDIC insured, you could basically lose all of your money if that institution goes out of business. So it's extremely important to verify the banks status before you open an account.

    You can easily verify that a bank is FDIC insured at the FDIC web site.

  • If it's a credit union, make sure it's NCUSIF insured.

    NCUSIF insurance is similar to FDIC insurance, except it's for credit unions.

    According to the National Credit Union Association web site:

    "The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC)."

    All credit unions that are NCUSIF insured can be found at (

  • Make sure the institution has a physical branch.

    This is one of the easiest ways to weed out the bad seeds. Banks with physical branches are always legitimate financial institutions.

  • Do some background work on the bank.

    Do a WHOIS search to view the registrant for the banks domain name. If it's a single person, that should raise a red flag. It should always be the banks name or corporate name.

    Look on the banks web site. There should be separate telephone and fax numbers, and a legitimate street address - not a PO box.

    You can always call 411 to confirm that the telephone number matches the address listed. But also keep in mind that some banks have a central location where they answer general calls.

  • Make sure the bank DOESN'T require you to use direct deposit in order to open the account.

    There are some financial services that offer checkless checking accounts. (This isn't a scam as far as I can tell.)

    But what if you don't get direct deposit? Or what happens if you switch jobs, and no longer receive your checks through direct deposit? Then you're basically back at square one.

    And what if you want to use checks? I mean a checkless checking account kind of defeats the purpose of obtaining a checking account at all.

  • Make sure the institution doesn't charge you for common items like monthly statements, telephone services, and withdrawls.

    I recently noticed a financial service charging outrageous fee's for options that are normally provided for free through regular banks and credit unions.

    They were charging for everything but the kitchen sink, including: a fee to check your balance at the ATM, a fee to receive a monthly statement, a fee if you wanted to return something you purchased from a retail store, a fee for using their automated telephone service. And that was just the tip of the iceberg!

    Even though you're in the ChexSystems doesn't mean you should play victim to financially draining ploys like these. There are always better alternatives waiting in the wings.

    Alexis Dawes is the author of "How To Get a Bank Account Even If You're in the ChexSystem." This report offers information on non chexsystems banks that will give you a checking account, even if you're in the Chexsystems. Alexis has personally used all of the recommended banks. You can get more information at (

    In The News:


    Pete the Planner: Road to early retirement may be bumpy - USA Today
    You will need some luck to ensure financial success in early retirement.

    and more »


    Personal finance: 15 smart things you can do with $1000 right now
    A thousand dollars might be pocket change or a rounding error to multimillionaires and billionaires, but it's a meaningful sum for the rest of us. Any amount of money that we can save can be put to good use. Here are 15 examples of smart things you can ...

    Unexpected Costco bargains and whether a millionaire daughter ...
    My daughter earned millions at Google, but her boyfriend has student debt — should she get a prenup? This father wonders whether his wealthy, smart daughter ...

    and more »

    Chicago Tribune

    Personal finance experts reveal their favorite money apps
    Chicago Tribune
    Both David Bach, nine-time New York Times best-selling author of books such as Smart Couples Finish Rich, and J Money a personal-finance blogger at Budgets Are Sexy, are fans of this app. “You won't get rich off of this, but it's a great way to dip ...


    In Its 10th Year, Personal Finance App Mint Is Investing In AI, Data ...
    Mint, the personal finance app owned by Intuit Inc. (NASDAQ: INTU), could be transformed by artificial intelligence and machine learning. That's according to ...

    and more »

    After painful personal loss, managing money looms as key challenge
    Minneapolis Star Tribune
    A thoughtful personal finance guide for recently widowed or divorced women is "Money Confidence: Smart Financial Moves for Newly Single Women," by Kerry Hannon. Hannon is passionate about helping people gain control of their finances and her book is ...

    Personal finance seen as big gap in education - Lowell Sun Online
    Lowell Sun
    BOSTON -- Eric Swansburg, a business teacher at King Philip Regional High School, passed a 100-question test around his class last week to gauge students' ...

    and more »


    How to invest without losing money
    ... bonds offer generally stable returns with very limited risk, and in some cases no risk at all. The problem is that safety comes with a price. CDs, to examine one cash equivalent, constitute an agreement in which you give your money to a financial ...

    Daily Nation

    PERSONAL FINANCE: The debt catch up
    Daily Nation
    The bank calculated this regardless of her other financial obligations. Susan now realises that to comfortably afford the loan, she needs to be earning 30 per cent more than she is now. She needs her income to increase just to afford a loan that she ...


    How To Stop Boring Students When Teaching Personal Finance
    My mission for the past seven years has been to help students and recent graduates develop healthy money habits and build the foundation for a lifetime of financial wellness. As the co-founder of the Harvard University Personal Financial Management ...

    Google News

  • What?s New in Checking ? From Designs to Photos

    Just about everyone has a checking account. Checks present easy... Read More

    Bank On It: Places to Hide and Invest Money

    Today I passed a thermometer at a bank that read... Read More

    When do You Need a Financial Management Company on Your Side?

    We live in a crazy world. Someone ought to sell... Read More

    Budgeting Tips to Save Real Money

    Sticking to a budget can be difficult, but with so... Read More

    Should You Borrow From Your 401(k) Account?

    If you have a 401(k) account, it can be very... Read More

    What is ChexSystems?

    Commonly referred to as the first of the three major... Read More

    Budgeting is Bothersome

    It doesn't take much for you to get behind on... Read More

    Benefits of Personal Finance Software

    In this age of information, keeping track of your finances... Read More

    Top 10 Ways Managing Your Money Is Just Like Riding a Bike

    An avid cyclist and bike racing fan, I sit transfixed... Read More

    Learning the Basics of Handling Money

    With prices increasing all the time, saving money can be... Read More

    7 Simple Ways To Save Money

    Each of us knows how to spend money, but do... Read More

    Know Thy Finances

    The first step to financial success lies in knowing your... Read More

    How to Attain Your Dreams on a Single Income

    If you recently became a single parent and see your... Read More

    How To Place an Online Order for Checks ? It is Easy as 1-2-3

    If You Have an Existing Account and 5 Minutes, You... Read More

    Make or Break Your Retirement!

    The Prudential has dubbed those who refuse to leave home... Read More

    Why We Are Never Satisfied with What We Have

    I have to admit, I do it too. I complain.... Read More

    5 Steps to Healthy Spending Habits

    Next to our physical health most of us are primarily... Read More

    Planning Ahead with Your Finances

    If you, like most people, have not seriously considered what... Read More

    How to Choose the Right Bank for Your Online Business

    You should thoroughly consider your business needs when selecting a... Read More

    Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

    I think most of us have at some point in... Read More

    Basic Bank Accounts Failing the Basic Needs of Consumers

    The lists of bank and savings accounts that are available... Read More

    UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

    The British government at the beginning of this year officially... Read More

    Money Matters - Really!

    One of the biggest challenges facing black RELATIONSHIPS today are... Read More

    Do You Really Need the Power of Money Management Software?

    I have been a loyal user of Quicken(R) for more... Read More

    The Benefits of Banking Online

    How many drawers did you have to look through to... Read More